how do i get out of my upside down mortgage with countrywide?

Answer 1

In order to best answer your question I need to know:

1)Where is your property is located (what state)?
2)What type of loan you have (option ARM, 30 year, etc)?
3)Did you obtain the loan with no income verification?
If yes, did you inflate your income.
4)What is the current value of your home?
5)What/who are the loan amounts, lenders and loan numbers for all loans (ie 1st Wamu 117...400k, 2nd Countrywide 1135....70k)?
6)Are they purchase money loans or refinances including cash out?
7)Have you contacted the loss mitigation department?
What is the loss mitigation department's phone number?
8)Are you current on your property taxes and insurance?
9)Would you be willing/able to take on room-mates?

Most lenders have been inudated with short sale requests and Countrywide is no exception.

No matter who your lender is they are most likely to only work with people who are late on their mortgages. If you are not late your chances for a short sale are limited. I am not recommending that you miss a payment!!!

In addition many lenders now want incriminating documents and unreasonable terms for a short sale:

1) Income documentation proving you can not afford the loan even when they gave you the loan with no income verification guidelines. If you inflated your income they may intimidate you to agree to their terms because you were deceived into and/or committed loan fraud.

2)Promissory note at 0% interest for the deficiency even when many states foreclosure laws wipe out deficiencies from foreclosures. As bad as this may seem it could be in your best interest to go through a foreclosure, especially if you can extend ownership beyond two years (see below).

3)If you have owned the home for less than 2 years you could be liable to the IRS for capital gains in the amount of the deficiency. (if the lender's total loss is $100k you could receive a 1099 for this amount and be required to pay taxes for the lender's loss at your tax rate)

I know all of this "sucks" and I am trying to help millions of other borrowers who are similarly situated. I have recently filed a complaint against numerous lenders for their fraudulent and predatory lending practices. Please email me your information to:

[e-mail]
http://www.michaelblomquist.com/complaint

We are looking for all borrowers who are similarly situated so please share this information with family, friends and associates. You are not alone! It is also very important that you warn your family, friends and associates of your experience.

People should not be allowed to purchase homes or receive loans they can not afford just so a few can get rich in the process.

In addtition, the government should not be bailing out criminals who have unlawfully extended extortionate amounts of credit for their own self-dealings.

Answer 2

It incredibly relies upon on what you try to do. Are you advertising your place and don't opt to could desire to write a verify at last? do you opt to refinance yet have not got adequate fairness? Or did you in hassle-free terms choose the financial business enterprise to forgive the underwater stability? regrettably, you're in the group that has stable credit, will pay on time, and has seen fairness evaporate. regrettably, there is not lots accessible to you without being delinquent ninety days and destroying your credit.

Answer 3

sell the house, move, and take the hit -- same as you'd do if you bought a dog in the stock market.


oh

Answer 4

Unless you can come up with the difference, you can't.